Marine Hull Insurance

For Ugandan business owners, understanding and securing the right marine hull insurance is akin to charting a reliable course amidst an unpredictable sea of risks.

It’s the financial life jacket that shields corporations against the potentially devastating impact of marine-related accidents and mishaps.

Vessels and waterborne equipment remain the lifeblood of global trade, and protecting these assets from the perils of the sea and associated liabilities is crucial.

For enterprises with marine operations, securing the right insurance is not only about risk mitigation but also ensuring continuity in the face of adversity.

One such critical insurance in the maritime industry is Marine Hull Insurance.

What is Marine Hull Risks insurance?

Marine Hull Insurance, often referred to as Hull and Machinery Insurance or Marine and Hull Insurance, is a policy that covers physical damage or loss to the hull, machinery, and equipment of ships and other marine vessels.

It provides financial protection against a range of perils, from grounding and collision to fire and piracy.

Essentially, it’s about safeguarding your maritime investments against unforeseen events that could result in hefty repair or replacement costs.

What Does Marine Hull Risks insurance Cover?

The GoldStar Marine Hull Insurance policy is expertly designed to protect your marine vessels, be it operating in the vast oceans, cruising the serene rivers, or stationed in bustling ports. Don’t let unforeseen events sink your business. Invest in our Marine Hull insurance policy today and navigate the seas with confidence!

A Marine Hull Insurance policy provides coverage for physical damage to vessels including boats, ships, yachts, steamers and other marine structures. It is specifically designed to protect the owners of these vessels against the financial consequences of various risks that can occur while operating in marine environments. The key coverages that may be included in the marine hull policy are:

Physical Damage Coverage

Hull And Machinery

This covers accidental damage to the ship’s hull and machinery, including engines, boilers, and other mechanical components.

Collision Damage

This provides coverage for accidental damage resulting from collisions with other vessels or objects (e.g. piers, docks).

Grounding

This covers accidental damage caused by the vessel running aground or striking underwater rocks or reefs.

Fire And Explosion

Coverage for accidental loss or damage due to fire and explosion onboard the vessel.

Weather Damage

Coverage for accidental damage caused by adverse weather conditions, such as storms, heavy seas, and lightning.

Vandalism

This covers loss or damage caused by acts of vandalism.

Total Loss Coverage

Actual Total Loss (ATL)

Coverage for the complete destruction or disappearance of the vessel.

Constructive Total Loss (CTL)

Coverage when the cost of repairing the vessel exceeds its insured value or a specified percentage of its value, making it economically unviable to repair.

Salvage And Recovery Costs

Salvage Charges

Coverage for costs associated with the salvage operations to recover a vessel after a covered incident.

Sue And Labour Costs

Coverage for expenses incurred to minimize or prevent further loss or damage to the vessel after an incident.

Liability Coverage

Collision Liability (Running Down Clause)

Coverage for legal liability arising from damage caused to other vessels or property due to collision.

Protection And Indemnity (P&I) Coverage

Optional coverage for broader liabilities, such as personal injury to crew or passengers, pollution, and wreckage removal.

GoldStar's Marine Hull Risks insurance Optional Add-Ons

Worried about additional risks? We’ve got you covered. With the GoldStar Marine Hull Insurance policy, you have the option to level up your coverage with our remarkable add-on features. Some of the optional extensions may include but are not limited to:

Political Violence And Terrorism

Coverage for losses due to Political Violence and Terrorism.

Consequential Loss

This coverage extends to include loss of income resulting from the vessel being unable to operate due to a covered peril.

Freight Coverage

Protection for Loss of freight revenue due to vessel damage.

Strikes And Riots

Loss or Damage caused as a result of strikes, riots and civil commotion.

Choose GoldStar's Marine Hull Risks insurance

GoldStar’s Marine Hull Insurance is a critical component of risk management for Ugandan businesses with maritime operations.

It provides a financial shield against the unpredictable nature of the sea and other water bodies ensuring the longevity and success of your enterprise.

In order to make an informed decision about choosing GoldStar’s Marine Hull Insurance, take a look at the Key Considerations to note and the Exclusions that apply to this policy.

Other types of insurance cover

Contractors All Risks

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Erection All Risks

Erection All Risks insurance provides broad coverage during assembling, erection and testing/ commissioning of new machinery, plant and steel structures involving little civil engineering work.

Contractor’s Plant And Machinery

This is an insurance of contractors’ plant and machinery that is done on an annual basis. It covers unforeseen and sudden physical loss of or damage to the insured items…

FAQ’s

How do I cover items that I take away from the home?

You will need contents insurance, sometimes known as all risk cover, for items for which you require cover out with the home. Please provide details of these items at the time of quotation to ensure that the policy provided meets with your requirements.

What is accidental damage cover?

Accidental Damage cover provides protection against costs incurred through damage that you, your family members or visitors may cause to the structure of your Building or to your Contents. Examples of incidents which would be covered under this extension include putting your foot through the loft floor damaging the ceiling below, leaving a tap running leading to water damage or carpet spillages. Such incidents would not be included under a policy taken out to cover Standard Perils only.

Additional charges will apply and in certain circumstances this cover might not be available.

Are items in my garage or shed covered?

Items kept in the garage or garden sheds will be covered under the Contents section of your policy provided you have included their value in the total sum insured declared. Limits may apply to the amount that can be claimed for theft of items taken from outbuildings and additional charges may be made for certain items such as ride on mowers. Cover for motor vehicles and motorcycles is excluded. Please declare your requirements for cover kept in outbuildings at the time of quotation to ensure that the policy provided meets with your requirements.

I live in rental accommodation. Do I still need insurance?

In most cases you will need to arrange cover for your own contents and personal possessions. Please refer to your tenancy agreement to check what, if any cover is provided by your landlord.

What is an excess?

An excess is the amount a policyholder is required to pay towards the cost of any claim. You may be asked to pay this amount to a company that has carried out repairs on behalf of your insurer, or alternatively the sum will be deducted from any settlement received.

Tips:

Goldstar claim process

No matter what your worry is, we’re here to help explain the process, assess your claim fairly and minimize the disruption to you with a transparent claims process.

Contact Us

Plot 38 Kampala Road, Crane Chambers, Kampala

+256 41 4250110

marketing@goldstarinsurance.com